SWIFT announced today that 18 banks have contracted for the SWIFTNet Trade Services Utility commercial product in advance of live launch: ABN AMRO, ANZ, Banco do Brasil, Bangkok Bank, BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Citigroup, Deutsche Bank, First Rand, HSBC, JPMorgan Chase, Banco Popular, Korea Exchange Bank, The Royal Bank of Scotland, SMBC, SociÃ©tÃ© GÃ©nÃ©rale, Standard Chartered Bank and The Bank of New York. The TSU is designed to help banks offer advanced supply chain services to their corporate customers involved in open account trading.
Since February 2006, 19 banks have participated in the TSU pilot. Based on the feedback of the participating banks, SWIFT has evaluated âfit for purposeâ message standards, rules, and application functionality. The pilot banks have identified minor changes required to refine release 1 to ensure optimal value from the service. The bank feedback will enable SWIFT to assess the delivery date for a commercially sustainable offering to the market. The commercial launch is driven by the banksâ being able to technically, legally and commercially offer TSU-enabled services to their corporate clients and the conclusion of additional volume testing. The final countdown to the commercial launch of TSU is on.
Marianne Gottwick, Head of eTrade Finance, BNP Paribas, explains, âThe TSU provides a set of extensive matching features that BNP Paribas has tested with seven counterparties. It is a great step towards standardisation in the exchange of data relevant to the supply chain management of our corporate clients.â
Jackie Keogh, Head, Supply Chain Management, SWIFT, comments, âThe engagement of pilot banks in the TSU project is unprecedented. Whilst the major commercialisation challenge is still ahead, the degree of transparency of bank enablement ensures that adoption will quickly follow the commercial launch.â